To give you, our valued customers, peace of mind that your money is safe and secure, Sterling Savings Bank is pleased to announce our participation in the FDIC Transaction Account Guarantee (TAG) Program. If you have further questions, please contact your local Sterling branch.
What is the Transaction Account Guarantee (TAG) Program?
On October 14, 2008, the FDIC announced its new Transaction Account Guarantee (TAG) Program as part of the Temporary Liquidity Guarantee Program.
The TAG program guarantees full deposit insurance coverage of non-interest bearing deposit transaction accounts, regardless of the dollar amount. All FDIC-insured institutions (including Sterling) were automatically enrolled for a 30-day period. Sterling Savings Bank is pleased to announce that we will continue our participation in this program through Dec. 31, 2010.
For more information on the TAG program, please visit the
FDIC website.
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What are non-interest bearing deposit transaction accounts?
Non-interest bearing deposit transaction accounts are any demand deposit accounts, such as personal or business checking accounts, that do not earn interest.
Click here for a full list of Sterling accounts covered under the TAG program.
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How long will the additional FDIC coverage last?
On April 13, 2010, the FDIC extended the Transaction Account Guarantee (TAG) program through Dec. 31, 2010. The TAG program guarantees full deposit coverage of non interest-bearing transaction accounts, regardless of the dollar amount and is in addition to the standard FDIC insurance that was permanently increased to $250,000 per depositor.
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How does the Transaction Account Guarantee Program affect my insurance coverage on other types of accounts?
The FDIC coverage on non-interest bearing deposit transaction (checking) accounts is over and above the current FDIC coverage of $250,000 per depositor.
Example:
If you have $50,000 in a non-interest bearing deposit transaction (checking) account and $250,000 in a certificate of deposit (CD) at Sterling Savings Bank, the FDIC will insure the entire $300,000.
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